Swiss “Crypto Valley” pioneer Bitcoin Suisse is going to help its customers secure the Ethereum 2.0 network and get paid for doing so.
The crypto-broker and custodian announced as much on November 27th, when the firm unveiled the roll out of its coming Ethereum 2 Staking Service offering. Through it, customers will be able to stake ether (ETH) to earn rewards for validating the new network, whose first phase is set to begin next year.
Of course, anyone with the required amount of ether — 32 ETH — will be able stake once Proof-of-Stake (PoS) consensus is activated on Ethereum amid the smart contract platform’s episodic Serenity upgrade. To that end, Bitcoin Suisse aims to streamline the entire process so users don’t have to migrate their own ether to the new blockchain or maintain their own hardware. The firm said:
“Bitcoin Suisse’s staking service will solve these challenges for clients, letting them earn rewards without having to consider any arbitrary validator amount and without the headache of having to own and operate network infrastructure. As part of the staking service, the token migration is included.”
To facilitate the service, Bitcoin Suisse noted it will keep 15 percent of customers’ staking rewards for covering “all costs associated with infrastructure setup, protocol upgrades, maintenance, servers, etc.”
Prepared to Be at the Fore
Notably, this summer Bitcoin Suisse applied for banking and securities dealer licenses with its home country’s top financial regulator, the Swiss Financial Markets Supervision Authority (FINMA).
If the licenses are eventually granted, Bitcoin Suisse would be able to, among other things, facilitate trading around cryptocurrencies FINMA sees as securities. That development would also make the firm one of the first licensed institutions in the world to offer Ethereum staking services.
Moreover, the securities dealer license application may prove prescient if FINMA ends up viewing ETH 2.0 as a security….